Shiba Inu Price Plunges 7% After 35% Surge Amid Broader Meme Coin Market Correction
Shiba Inu (SHIB) experienced a sharp drop in price following its massive surge, which saw it climb over 35% within a 24-hour period. The token's trading volume skyrocketed to 11 times its usual level during the same time frame.
The SHIB price today sits around $0.055, down 6.93% in 24 hours after peaking near $0.0555. This sharp reversal is a common pattern for meme coins like Shiba Inu, with Dogecoin and Pepe also showing similar correction patterns.
Experts suggest that the recent price drop could be attributed to profit-taking by early buyers, who cashed out quickly after the 35% pump. Additionally, cooling volume, which has dropped nearly 46% from its recent peak, may indicate fading short-term momentum.
The broader market conditions also play a significant role in meme coin prices. Bitcoin's stable price above $65,000 on July 27, and the wider cryptocurrency market up roughly 1.7% over 24 hours, could support renewed buying interest in smaller tokens like SHIB.